Manchester United Manager Alex Ferguson Retiring

Tom Purslow/Manchester United(MANCHESTER, England) -- Manchester United manager Sir Alex Ferguson is retiring at the end of the season.

"The decision to retire is one that I have thought a great deal about and one that I have not taken lightly," Ferguson said in a statement Wednesday. "It is the right time."

Ferguson has won 38 trophies, including 13 Premier League championships, two Champions League titles and five FA Cups since taking the job in 1986.

"It was important to me to leave an organization in the strongest possible shape, and I believe I have done so," the 71-year-old said. "The quality of this league-winning squad, and the balance of ages within it, bodes well for continued success at the highest level whilst the structure of the youth setup will ensure that the long-term future of the club remains a bright one."

Everton manager David Moyes is expected to take over next season, according to sources.